property in noida
Img : mahagunindia

To generate more revenue, the Noida Stamps and Registration Department has been planning to waive off surcharges on stamp duty on three different facilities present in Housing societies. The administration has decided to decrease the charges by 2% on the principal investment as stamp duty. These facilities include a community center/club, swimming pool and gym.

According to officials, once this waive off will be approved by the district administration, the revised circle rate will come into effect from August 1.

Giving more information on the above planning, SK Tripathi, assistant commissioner stamps & assistant inspector general registration, Gautam Budh Nagar, said, “The revision of circle rates is a yearly process. Last year only, the administration has waived surcharges on power backup and lift services present in various Housing Societies.”

He further informed that the stamp and registration department has taken this decision after surveying various properties. The three facilities i.e. swimming pool, gym and community center/club are today a common and important part of majorly all the residential complexes and that’s why they had planned to waive off surcharges on stamp duty.

To attain a common conscience on the revision of circle rates, the department has also called a meeting with CREDAI, Assocham and other stakeholders apart from RWAs on coming Tuesday.

Tripathi also said that due to the low collection of revenue from the last three consecutive years, the department has decided to waive off these charges. However, the homebuyers still have to pay 5% stamp duty on parking area; Rs 3 lakh for covered parking and Rs1.5 lakh for open parking. In the future, it is expected that the department may give a thought to waive off these too.

Welcoming the news, Noida bar association president said that waiving off surcharges is good news for home buyers as well as homeowners as most of the residential societies in Noida have the presence of these facilities.